10 Jul 2022

Do bank valuation fees have GST?

Bank Valuation Fees and GST

No bank fees or amounts are subject to additional GST because they are financial services and not regular goods or services. You won’t have to worry about paying extra fees and taxes on fees, thankfully! When you first buy a home and make an offer, before receiving an initial mortgage or loan, the bank will want to assess the value of the property. Banks are businesses and want to protect themselves.

A bank valuation is an assessment of the value of a property for your bank. This test or evaluation does not take long, but it helps determine risks in lending money. The higher the risk, the fewer chances a bank will lend you money for the home. Instead, their valuation could cause or force the price/cost of the home to decrease. No financial services or bank products, including fees, have GST. Consider the amount the only thing charged and due.

Mortgage House offers various types of loans, including home loans. If you are in the market for a home but don’t know how much to borrow, don’t worry! We have a free online calculator that makes the process easy and worthwhile! Afterward, call one of Mortgage House’s expert lenders for advice and to move forward with an application.

Bank Valuation Fees and GST Conclusion

With a bank valuation fee, you won’t need to pay GST fees. Instead, all that is due is the amount specified by your bank or lending company.

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